Economy of Colombia
| Economy - overview: | Colombia's economy has experienced positive growth over the past three years despite a serious armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices. Ongoing economic problems facing President URIBE range from reforming the pension system to reducing high unemployment, and to achieving congressional passage of a fiscal transfers reform; furthermore, new exploration is needed to offset declining oil production. However, the government's economic policy, democratic security strategy, and the signing of a free trade agreement with the US have engendered a growing sense of confidence in the economy, particularly within the business sector. |
| GDP (purchasing power parity): | $374.4 billion (2006 est.) |
| GDP (official exchange rate): | $106.8 billion (2006 est.) |
| GDP - real growth rate: | 6.8% (2006 est.) |
| GDP - per capita (PPP): | $8,600 (2006 est.) |
| GDP - composition by sector: | agriculture: 12% industry: 35.2% services: 52.7% (2006 est.) |
| Labor force: | 20.81 million (2006 est.) |
| Labor force - by occupation: | agriculture: 22.7% industry: 18.7% services: 58.5% (2000 est.) |
| Unemployment rate: | 11.1% (2006 est.) |
| Population below poverty line: | 49.2% (2005) |
| Household income or consumption by percentage share: | lowest 10%: 7.9% highest 10%: 34.3% (2004) |
| Distribution of family income - Gini index: | 53.8 (2005) |
| Inflation rate (consumer prices): | 4.3% (2006 est.) |
| Investment (gross fixed): | 22.8% of GDP (2006 est.) |
| Budget: | revenues: $50.7 billion expenditures: $52.29 billion; including capital expenditures of $NA (2006 est.) |
| Public debt: | 45.3% of GDP (2006 est.) |
| Agriculture - products: | coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp |
| Industries: | textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds |
| Industrial production growth rate: | 5.8% (2006 est.) |
| Electricity - production: | 46.93 billion kWh (2004) |
| Electricity - production by source: | fossil fuel: 26% hydro: 72.7% nuclear: 0% other: 1.3% (2001) |
| Electricity - consumption: | 42.01 billion kWh (2004) |
| Electricity - exports: | 1.682 billion kWh (2004) |
| Electricity - imports: | 48 million kWh (2004) |
| Oil - production: | 512,400 bbl/day (2005 est.) |
| Oil - consumption: | 269,000 bbl/day (2004 est.) |
| Oil - exports: | NA bbl/day |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 1.282 billion bbl (2006 est.) |
| Natural gas - production: | 6.18 billion cu m (2004 est.) |
| Natural gas - consumption: | 6.18 billion cu m (2004 est.) |
| Natural gas - exports: | 0 cu m (2004 est.) |
| Natural gas - imports: | 0 cu m (2004 est.) |
| Natural gas - proved reserves: | 114.4 billion cu m (1 January 2005 est.) |
| Current account balance: | -$2.219 billion (2006 est.) |
| Exports: | $24.86 billion f.o.b. (2006 est.) |
| Exports - commodities: | petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers |
| Exports - partners: | US 35.8%, Venezuela 10.4%, Ecuador 6.6% (2006) |
| Imports: | $24.33 billion f.o.b. (2006 est.) |
| Imports - commodities: | industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity |
| Imports - partners: | US 28.2%, Mexico 8.3%, Brazil 6.5%, China 6.3%, Venezuela 5.9%, Japan 4.3% (2006) |
| Reserves of foreign exchange and gold: | $16.5 billion (2006 est.) |
| Debt - external: | $37.21 billion (30 June 2006 est.) |
| Economic aid - recipient: | $NA |
| Currency (code): | Colombian peso (COP) |
| Currency code: | COP |
| Exchange rates: | Colombian pesos per US dollar - 2,358.6 (2006), 2,320.75 (2005), 2,628.61 (2004), 2,877.65 (2003), 2,504.24 (2002) |
| Fiscal year: | calendar year |